Investments

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

6. Investments

The following tables summarize our investments in debt securities, classified as available-for-sale (in thousands):

	As of June 30, 2022
	Amortized Cost		Total Unrealized Gains		Total Unrealized Loss			Aggregate Fair Value
Short-term:
Corporate debt securities	$	21,117	$	—	$	(79	)	$	21,038
Commercial paper		38,704		—		(83	)		38,621
U.S. government and agency securities		28,963		—		(24	)		28,939
Total	$	88,784	$	—	$	(186	)	$	88,598

	As of December 31, 2021
	Amortized Cost		Total Unrealized Gains		Total Unrealized Loss			Aggregate Fair Value
Short-term:
Corporate debt securities	$	24,272	$	3	$	(6	)	$	24,269
Commercial paper		12,998		—		(3	)		12,995
U.S. government and agency securities		891		1		—			892
Total	$	38,161	$	4	$	(9	)	$	38,156

We determine the appropriate classification of our investments in debt securities at the time of purchase. All of our securities are classified as available-for-sale and reported as short-term investments as they are available for use during the normal cycle of business. Available-for-sale investments are recorded at fair value and are composed of corporate debt securities, commercial paper and U.S. government and agency securities. We review investments whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. We evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded on our condensed consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that is not related to a credit loss is recognized in other comprehensive (loss) income.

Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Losses are charged against the allowance when we believe the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. The unrealized losses at June 30, 2022 and December 31, 2021 were attributable to changes in interest rates, and we do not believe any unrealized losses represent credit losses.

We held 37 commercial paper and corporate debt securities at both June 30, 2022 and December 31, 2021 that were in an unrealized loss position. We do not intend to sell the investments before recovery of their amortized cost bases, which may be at maturity. The following tables summarize our available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

	As of June 30, 2022
	Less than 12 Months					12 Months or Longer				Total
	Aggregate Related Fair Value		Unrealized Losses			Aggregate Related Fair Value		Unrealized Losses		Aggregate Related Fair Value		Unrealized Losses
Corporate debt securities	$	19,043	$	(79	)	$	—	$	—	$	19,043	$	(79	)
Commercial paper		38,621		(83	)		—		—		38,621		(83	)
U.S. government and agency securities		28,939		(24	)		—		—		28,939		(24	)
Total	$	86,603	$	(186	)	$	—	$	—	$	86,603	$	(186	)

	As of December 31, 2021
	Less than 12 Months					12 Months or Longer				Total
	Aggregate Related Fair Value		Unrealized Losses			Aggregate Related Fair Value		Unrealized Losses		Aggregate Related Fair Value		Unrealized Losses
Corporate debt securities	$	16,655	$	(6	)	$	—	$	—	$	16,655	$	(6	)
Commercial paper		9,995		(3	)		—		—		9,995		(3	)
Total	$	26,650	$	(9	)	$	—	$	—	$	26,650	$	(9	)